The financially struggling New York City Off-Track Betting Corp. has accepted the resignation of its long-time president, and quickly filled his job with a replacement making nearly 10 times as much.
The New York City Off-Track Betting Corp. will cease operations June 16 unless state officials provide regulatory relief before then, according to a Jan. 16 report to the corporation's board of directors.
Internet gambling on horse races would become legal under a measure given final approval by the New York State Legislature.
The racing industry's major stakeholders in New York state, more accustomed to battling than cooperation, came together Tuesday, Nov. 15 for an unprecedented gathering to try to reach consensus on ways to improve the state of their financial affairs.
The New York Racing Association has struck a tentative deal with horsemen on a revenue-sharing arrangement for future proceeds from video lottery terminals at Aqueduct Racetrack.
New York City Off-Track Betting Corp. set records for handle on the May 1 Kentucky Derby (gr. I) and overall amount wagered on a single day.
As some lawmakers and off-track betting corporations push for an increase in pari-mutuel takeout, New York regulators March 30 agreed to lower the takeout on certain pick six wagers at New York Racing Association tracks.
Pari-mutuel takeout wars have begun in New York, where a state senator has introduced legislation to increase the amount the New York Racing Association keeps on wagers. Though the measure's sponsor said the takeout hike is needed to help stop NYRA's financial bleeding, NYRA chairman Barry Schwartz insists the legislation would turn off bettors and decrease purses.
A move by the New York Racing Association to lower the pari-mutuel takeout on pick six wagers is causing controversy even before NYRA formally proposes the plan to state regulators.
The New York City Off Track Betting Corporation (NYCOTB) has rejoined the National Thoroughbred Racing Association.
Belmont Day at New York City Off-Track Betting facilities set a record for the highest Belmont Day handle in the corporation's 32-year history. NYCOTB patrons wagered $8,456,289.
The New York City Off-Track Betting Corporation and Churchill Downs are teaming up to giveaway 2,500 "mystery vouchers" on April 25. The vouchers will be distributed in front of NASDAQ headquarters at 43rd St. and Broadway before the opening of the market. Raymond Casey, president and CEO of NYCOTB and Tom Meeker, president and CEO of Churchill Downs, will assist in the giveaway.
In search of every last penny to balance the city's budget, New York City officials are trying to convince state officials to allow New York City Off-Track Betting Corp. to simulcast Thoroughbred racing at night.
New York City Off-Track Betting Corp. said its two branches nearest to the World Trade Center site will be closed Sept. 11, the one-year anniversary of the terrorist attacks.
On the sales block just a year ago, New York City Off-Track Betting Corp. is shedding its fire-sale image and moving ahead with plans to bring back bettors and forge new ties with racetracks, its new president said.
New York City Off-Track Betting Corp. had the second-biggest day in its history on June 8, Belmont Stakes Day, with total handle of $7,850,099.
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